Culver Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Culver had the following transactions during the current month: (a) Purchased materials for $58,000 on account. (b) Direct materials requisitioned for production were: Direct materials Mixing department $23,200 Finishing department 16,240 Incurred labor costs of $85,840. Factory labor used: Mixing department $51,040 Finishing department 34,800 Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-464 machine hours at $30 per machine hour. Finishing department-580 machine hours at $20 per machine hour. (1) Units costing $64,960 were completed in the Mixing Department and were transferred to the Finishing Department. Units costing $81,200 were completed in the Finishing Department and were transferred to finished goods. (h) Finished goods costing $46,400 were sold on account for $63,800. Prepare the journal entries to record the preceding transactions for Culver Company. (Credit account titles are automatically indented (c) (d) D

Culver Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Culver had the following transactions during the current month: (a) Purchased materials for $58,000 on account. (b) Direct materials requisitioned for production were: Direct materials Mixing department $23,200 Finishing department 16,240 Incurred labor costs of $85,840. Factory labor used: Mixing department $51,040 Finishing department 34,800 Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-464 machine hours at $30 per machine hour. Finishing department-580 machine hours at $20 per machine hour. (1) Units costing $64,960 were completed in the Mixing Department and were transferred to the Finishing Department. Units costing $81,200 were completed in the Finishing Department and were transferred to finished goods. (h) Finished goods costing $46,400 were sold on account for $63,800. Prepare the journal entries to record the preceding transactions for Culver Company. (Credit account titles are automatically indented (c) (d) D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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